Canadian company opens large-scale gold mine in Guyana

A Canadian company has opened a large-scale gold mine in a remote section of Guyana.

Toronto-based Guyana Goldfields Inc. plans to produce more than three million ounces of gold over the next 17 years at its US$250 million site near the South American country’s border with Venezuela.

Production started Wednesday, a day after an opening ceremony with dignitaries including President David Granger. The mine is expected to employ some 500 workers.

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Officials say it’s the biggest gold mine in Guyana since Omai Gold Mines Ltd. ceased operations in 2005. That mine was shuttered after waste overflowed into a nearby dam and caused an environmental disaster.

Gold is Guyana’s main export and generated nearly US$1 billion in revenue in 2013. But earnings have since dropped because of weaker gold prices.



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